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What Downturn? — Rearden Commerce Secures $100 Million Round of New Funding
Employee business services specialist targets expansion, consumer market as investments roll in from JPMorgan Chase, American Express, Oak Investment Partners and Foundation Capital
Foster City, CA — May 7, 2008 — Employee business services specialist Rearden Commerce scored a major new infusion of funding this week, announcing it had secured $100 million in funding from investors that include JPMorgan Chase & Co. and American Express.
Oak Investment Partners and Foundation Capital also participated in the new funding round. In addition, Rearden announced a partnership with Chase to develop a new customer loyalty platform to targeting Chase's consumer credit cardholders.
The new funding will go to support Rearden's expansion and development plans, including expanding its B2B penetration and ultimately delivering its flagship on-demand Personal Assistant platform to the consumer space. Additionally, the company said it plans to rapidly scale its platform, which supports its online personal assistant, with new merchants and third-party applications providers.
Tracking Spend, Enforcing Compliance
The Rearden Personal Assistant lets companies track spend across all services while applying corporate policies and managing preferred supplier relationships. Enterprises can set and manage spending policies, communicate those policies and guide employees to preferred suppliers at the point of purchase.
For employees, the Personal Assistant helps users find and book the range of services they need based on company policies, their personal preferences, location and the context of what they're doing.
According to Rearden, in the past year-and-a-half the company has added more than 1,700 new corporate customers, representing more than one million contracted users. This roster includes such Fortune 500 companies as ConAgra Foods and Thomson as well as small and midsize enterprises like C-COR, Diagnostic Health and Symplified Technologies.
Oak Investment Partners and Foundation Capital also participated in the new funding round. In addition, Rearden announced a partnership with Chase to develop a new customer loyalty platform to targeting Chase's consumer credit cardholders.
The new funding will go to support Rearden's expansion and development plans, including expanding its B2B penetration and ultimately delivering its flagship on-demand Personal Assistant platform to the consumer space. Additionally, the company said it plans to rapidly scale its platform, which supports its online personal assistant, with new merchants and third-party applications providers.
Tracking Spend, Enforcing Compliance
The Rearden Personal Assistant lets companies track spend across all services while applying corporate policies and managing preferred supplier relationships. Enterprises can set and manage spending policies, communicate those policies and guide employees to preferred suppliers at the point of purchase.
For employees, the Personal Assistant helps users find and book the range of services they need based on company policies, their personal preferences, location and the context of what they're doing.
According to Rearden, in the past year-and-a-half the company has added more than 1,700 new corporate customers, representing more than one million contracted users. This roster includes such Fortune 500 companies as ConAgra Foods and Thomson as well as small and midsize enterprises like C-COR, Diagnostic Health and Symplified Technologies.
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